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College Ave Student Loans launched in 2014, with a goal to create private student loan products that help students pay for school as easily and inexpensively as possible.

Why should I choose the College Ave Student Loans Product?

Because College Ave Student Loans believes that a quality education is the best foundation for the future, and the College Ave Student Loans products are designed to help you pay for school as easily (and inexpensively!) as possible. College Ave Student Loans offers great rates and flexible terms that let you decide how and when you’ll pay your loans back.

Which are better, federal loans or private loans?

They’re both useful financial tools. We always recommend completing the FAFSA, and exploring scholarships, grants, and federal student loans first. Those won’t always cover the full cost of attendance though. That’s where College Ave Student Loans can help you get the remaining money you need for school.

Do I need to be a full time student to obtain a College Ave Student Loans Product?

No you don't, but you must be enrolled in a degree program and be attending classes full time, half-time or less than half-time at an eligible school.

What is the College Ave Career Loan?

The College Ave Career Loan with Success Rewards is designed for students enrolled in career focused programs at select colleges and universities, including a limited number of community colleges.

What are Success Rewards?

Success Rewards is a benefit of the College Ave Career Loan. It is a cash back program designed to reward you when complete your degree. Eligible borrowers will receive $150 applied as a statement credit to the principal balance on a College Ave Career Loan. You can find complete details, including Success Rewards Terms & Conditions here.

How much of my education costs will this loan cover?

Credit-worthy applicants can borrow up to 100% of the school-certified cost of attendance, which typically includes things like tuition and fees, books and supplies, room and board, transportation and personal expenses. The minimum amount you can borrow is $1,000.1

What options do I have for reducing the overall cost of my loan?

The faster you pay, the more you save. We encourage making payments during school (even if you choose to defer during school, you still have the option to make payments when you can) and picking shorter loan terms so you pay the loan off as quickly as possible. That will help you save on your overall interest charges so you never pay more than you have to.
You can also get a 0.25% interest reduction when you sign up to make automated payments from your checking or savings account.2

Can I apply for a loan over the phone?

We can’t take your application by phone at this time because required disclosures are presented during the online application process. While we can’t take your application over the phone, you can reach us at (844)-422-7502 if you have questions or need help.

How long does the application process take? How quickly can I get my loan?

You can apply and get your credit decision within 3 minutes. If you are approved, you’ll then need to accept your terms and e-sign your loan documents, which can all be done right after approval.
At that point, we send the loan to the school for certification. Every school has their own processes and timelines, so certification can take several days or sometimes weeks, although that is less common. Once we receive the certification back from the school, we’ll schedule the funds to be sent according to the school’s requested timeline.
The entire process from application to actually sending the money to the school typically takes at least 10 business days, and it can be longer than that depending on the school.

How long can I defer the loan? Can I defer payment until I’m done with school?

Full principal and interest payments can be deferred as long as undergraduate students remain enrolled at an accredited school at least half-time. For undergraduate loans, full principal and interest payments would begin 6 months after the student graduates or drops below half-time enrollment.

I tried to apply, and I can’t find my school in the application. What do I do?

It’s possible that your school isn’t currently on our eligible list. You may want to contact the school to ask if they have a list of participating lenders. You can also send us an email with your school name, and we’d be happy to confirm eligibility: studentloans@collegeave.com

How much should I borrow at one time? Can I borrow for multiple years with one loan?

A loan can fund a semester, quarter, or up to a full academic year at a time, but no more. During the application process, you will indicate the time period you would want the loan to cover. It’s your choice if you want to cover a portion of the academic year at a time, or if you want to borrow to cover the full year.
During the school certification process, the school confirms you are enrolled, that the funds won’t exceed the maximum cost of attendance for the time period requested, and they set the date(s) that they want to receive loan funds. If you indicate in the application that you’re only covering one semester or quarter, they typically ask for the money all at one time. If you indicate in the application that you want the loan to cover two semesters, half is typically sent at the beginning of the first semester and the rest is sent at the beginning of the second semester. That way you don’t overpay on interest for the portion of the loan that wasn’t needed until later in the school year.
Each loan is separate and won’t be automatically combined if you take out multiple over the course of your education.

Are international students eligible for your loans?

International students with a valid US social security number are eligible to apply for a student loan with College Ave Student Loans. In order to be approved for a College Ave student loan, an international student will be required to apply with a qualified cosigner.

Do you require students to make satisfactory academic progress (SAP) in order to receive the loan?

Yes, we ask the school to verify satisfactory academic progress (SAP) during school certification. The school applies their individual criteria for SAP. In other words, we don’t define SAP, but we do ask the school to confirm that the student is making SAP according to each school’s definition.

Do I need a cosigner?

Most students have limited credit history and income, so they will need a cosigner who has good, established credit in order to be eligible for a private student loan.
Check out our free credit pre-qualification tool. It will tell you (and your cosigner) whether your credit score qualifies for a loan, and what interest rates you can personally expect from us before you apply – without impacting your credit score. Pre-qualification isn’t a full review or guarantee, but it may help you decide if you want to submit a full application.
Free credit pre-qualification tool

What does it mean to cosign the loan? What are a cosigner’s responsibilities?

By co-signing, your cosigner is agreeing to take equal responsibility for the loan. That means that if you, as the student borrower, are not able to make the payments, the cosigner is still legally obligated to pay the loan back. Either one of you can be the one to make the required monthly payments.

I’d like to cosign a loan for my student, but I’m not sure my credit qualifies. What should I do?

Check out our free credit pre-qualification tool. It will tell you whether your credit score qualifies for a loan, and what interest rates you can personally expect from us before you apply – without impacting your credit score. Pre-qualification isn’t a full review or guarantee, but it may help you decide if you want to submit a full application.
Free credit pre-qualification tool

Can I apply with more than one (multiple) cosigners?

We’re not able to accept multiple cosigners at this time. You can only apply with one cosigner.

What are the credit requirements for student borrowers and/or cosigner?

Exact credit criteria is proprietary, but we offer a free credit pre-qualification tool to tell students and cosigners if their credit scores qualify, and what interest rates they can personally expect from us before they apply. Plus, using the tool won’t impact your credit score. Pre-qualification isn’t a full review or guarantee, but it may help you decide if you want to submit a full application. Free credit pre-qualification tool.

How do your variable rates work? How often do they change?

The variable rate on our parent loan is based on the one-month London Interbank Offered Rate (LIBOR) as published on The Wall Street Journal’s website on the 5th day of the month (or the next business day if the 5th day is not a business day) and rounded up to the nearest 1/8th of one percent.
The rate will only go up (or down) based on future published one-month LIBOR rate changes and to the extent that one-month LIBOR changes. The variable rate will not increase more than once per month, and it will never exceed 25%.
We can’t predict exactly how LIBOR will change over the life of your loan, and past trends are not necessarily indicative of future performance, but you can review the historical 1 month LIBOR rates at the Wall Street Journal: http://online.wsj.com/mdc/public/page/2_3020-libor.html

Are all of the loans sent directly to the school? Can I have the money sent directly to me instead?

All of our undergraduate student loans are disbursed directly to the school; there is not a way to send the money to you directly at this time. The school first applies the loan to your outstanding balance (tuition, fees, etc). If there is money left over after that balance is paid, the school will refund the money to you following their individual refund procedures.

Do you offer forgiveness for death and/or disability of the student?

Yes. If the student borrower dies or suffers a permanent disability, the loan is forgiven.

Can a cosigner ever be released from the loan?

A student borrower who is a U.S. citizen can request the release of their cosigner after more than half of the scheduled Repayment Period has elapsed, if the following requirements are met:
-The most recent 24 consecutive payments were made on-time and did not include any forbearance or workout programs for hardship reasons (an “on-time” payment is defined as paid within the grace period such that no late charges are assessed);
-The borrower has demonstrated income for the previous two years that is more than twice the outstanding balance of all their loans with College Ave Student Loans; and
-A credit bureau review shows no late payments on any other obligations for the past 24 months

Why should I choose the College Ave Student Loans Graduate Loan?

Because College Ave Student Loans believes that a quality education is the best foundation for the future, and the College Ave Student Loans products are designed to help you pay for school as easily (and inexpensively!) as possible. College Ave Student Loans offers great rates and flexible terms that let you decide how and when you’ll pay your loans back.

What are the credit requirements?

Exact credit criteria is proprietary, but we offer a free credit pre-qualification tool to tell students and cosigners if their credit scores qualify, and what interest rates they can personally expect from us before they apply. Plus, using the tool won’t impact your credit score. Pre-qualification isn’t a full review or guarantee, but it may help you decide if you want to submit a full application.
Free credit pre-qualification tool.

Who is College Ave Refi?

College Ave Refi was created to help graduates refinance existing student loans so they can repay their loans easily while reducing the total cost and/or monthly payment.

What does "refinancing" a student loan mean?

Refinancing is the process of getting a new loan to replace your existing loan(s), usually to get a lower interest rate and/or different loan terms.

What is the difference between refinancing and consolidating?

Consolidation is a type of refinancing. Consolidation combines two or more loans into a single loan, and in doing so, the rate and/or terms typically change. You don’t have to consolidate in order to refinance though; you can refinance a single loan to lower the interest rate or change the term of that one loan. With College Ave Refi, you can choose to refinance a single loan or consolidate and refinance multiple loans.

What are the benefits of refinancing student loan(s)?

Ultimately, refinancing is intended to save you money – monthly or over time – and give you budget flexibility. We know that everyone’s situation is unique, so our interactive calculator helps you understand the cost of your current loan(s) and the estimated savings benefit, so you can decide if refinancing is right for you.

Who should consider refinancing their student loans?

Refinancing can be a great option for working graduates who have one or more federal Direct Loans, Graduate PLUS loans, and/or private loans.

What’s the best way to determine if refinancing is the right decision?

Use our interactive calculator to help you decide if refinancing is right for your situation. While you may be able to reduce your total loan cost or your monthly payment by refinancing your loan(s), it’s important to consider whether any other benefits of your current loan(s) would be lost by refinancing.

Are both federal and private student loans eligible for refinancing?

Yes, College Ave Refi will refinance and consolidate all qualified education loans.

What’s at risk when refinancing or consolidating student loans?

When you refinance your loan(s)–either federal or private–you forfeit the benefits of those loan(s). In turn, you receive the benefits of your new loan. Federal loans offer unique benefits such as income-based repayment (IBR) and loan forgiveness programs. You should carefully consider if and how these benefits impact your personal situation.

Are you currently serving active duty in the military?

As a member of the military, your current federal and private loans may qualify for Servicemembers Civil Relief Act (SCRA) benefits. However, if you refinance or consolidate your loan(s), then you may lose these benefits for the new loan. If you’re serving on active duty when applying, please call 844-422-7502 for more information.

How does student loan refinancing work?

Once you apply, we’ll determine if you qualify for a College Ave Refi loan. You’ll need to confirm details about your existing student loans that you’d like to refinance. If you are approved for a College Ave Refi loan, we will use the money from your new loan to directly pay off your existing loans.

What are the eligibility requirements for a College Ave Refi loan?

To qualify, a borrower must be at least 18 years old, be a U.S. citizen or permanent resident, have graduated from a selection of Title IV eligible undergraduate or graduate programs, and meet College Ave Refi’s underwriting requirements.

What information about the loan(s) being refinanced is needed to apply?

For each loan, you’ll need to confirm:
-The name of your servicer
-Your servicer account number
-The amount you wish to refinance

What is the minimum and maximum amount that can be refinanced?

$5,000 is the minimum requirement to refinance with us. The maximum loan amount is $150,000 for graduates of undergraduate or graduate programs and $250,000 for graduates of medical, dental, veterinary, or pharmacy programs.

Is a cosigner required to refinance?

A cosigner is not required as long as you qualify for the loan on your own.

How long does it take to get approved for a College Ave Refi loan?

Most people will get an instant decision upon submitting a completed application.

What repayment terms are available?

You can pick your repayment term with options ranging from 5 to 20 years – whatever works best for you.

What is the difference between interest rate and APR?

The interest rate is the proportion of a loan that is charged by the lender for the borrower’s use of the loan proceeds. The APR (annual percentage rate) includes the interest rate and certain other fees charged by the lender, and the APR represents the total cost of borrowing.

Are there origination or prepayment fees?

No, there are no origination or prepayment fees on College Ave Refi loans.

Do all student loans need to be refinanced/consolidated at one time?

No, you don’t have to refinance or consolidate all of your student loans. During the application process, you will be asked to confirm the details for any loan(s) you would like to refinance/consolidate, and when the loan closes, College Ave Refi will pay off the loan(s) you indicated.
If you want to refinance or consolidate additional student loans in the future though, you’ll need to submit a new application, and your new loan terms would be based on offers that are available at that time.

Can a student loan be refinanced if it has previously been refinanced?

Yes. Whether you have previously consolidated federal loans through the Direct Consolidation Loan program or the FFEL Consolidation Loan program, or you have refinanced loans with a private student loan lender, you are still eligible for the College Ave Refi product. However, if the student loan was refinanced through a personal loan, the personal loan is not eligible.

Can spouses refinance and consolidate all student loans into one College Ave Refi loan?

Not at this time. However, you and your spouse can apply separately for refinancing.

Can College Ave Refi be used to refinance student loans for anyone who hasn’t graduated?

No, borrowers must have graduated from a selection of Title IV accredited universities or graduate programs.

I tried to apply, and I can’t find my school in the application. What do I do?

It’s possible that your school isn’t currently on our eligible list for refinancing. You can send us an email with your school name, and we’d be happy to confirm eligibility: refi@collegeave.com.

What's the timing for paying off my loan(s)?

Generally, you should see the payoff post with your servicer approximately 3-4 weeks after you receive your final disclosure.
However, in some cases, we’ll need additional information from you about your existing loans to make sure the payoffs are sent to the right place. In those cases, we’ll call you to get the right account number and payment address so your payoff isn’t delayed.

What should I do while I'm waiting for my existing loans to be paid off?

Keep an eye out for calls from College Ave Student Loans. If we need information from you before sending the payoff, we’ll give you a call. Please call us back so your payoff is processed on time.
3-4 weeks after you receive your final disclosure, check to make sure your payoffs have posted to your existing servicers. If you don’t hear from us, your payoffs should process automatically, and you should see them post to your old accounts in 3-4 weeks. If the payoff hasn’t posted, please give us a call at 844-422-7503, and we’ll work with your existing servicers to make sure it’s processed correctly.
Continue making payments to current servicers until you’ve confirmed our payoffs have posted. If your loans have any payments due in the few weeks after you apply, you should continue making them as scheduled until our payoff posts to avoid any negative impact to your accounts.

What is the auto-pay rate reduction?

You’ll get a 0.25% interest rate reduction by enrolling in automatic payment deduction. To enroll, you’ll need an active checking or savings account.

Who is servicing my loan?

College Ave Student Loans is servicing these loans in partnership with University Account Service (UAS).
UAS is the company that College Ave Student Loans partners with to service your loans. UAS is a leading student loan servicing company, and they are responsible for sending statements, processing payments, and providing general account guidance. College Ave and UAS have a strong partnership focused on giving you clear information and excellent service.

When will I receive my first statement from College Ave? When will my first payment be due?

2-3 weeks after completing your refi application, you should receive a First Disbursement Confirmation email from College Ave.

When you are visiting the College Ave Servicing website for the first time, you'll need to set up a username and password. The borrower and the cosigner (if applicable) would each need to set up an account. You'll receive your first statement about 5 to 35 days after the payoff date. Your first payment will be due 25 to 55 days after the payoff date.

Who is UAS? Why am I receiving mail and emails from them?

University Account Service (UAS) is the company that College Ave Student Loans partners with to service your loans. UAS is a leading student loan servicing company, and they are responsible for sending statements, processing payments, and providing general account guidance. College Ave and UAS have a strong partnership focused on giving you clear information and excellent service.

How can I access my UAS account online? What is your Customer Service website?

https://collegeave.uasecho.com
When you are visiting the UAS website for the first time, you’ll need to set up a username and password. The borrower and the cosigner (if there is one) would each need to set up an account.

We also have many other ways of accepting payments (see below), including online payments.

What are the different ways I can make a payment?

We offer many options for making payments. You can:
-Set up Recurring Payments (also known as “auto debit” or “auto pay”) on our Customer Service site to automatically withdraw payments from your bank account and receive a 0.25% reduction in your interest rate.
-Make one-time payments on our Customer Service site by using an eCheck from your bank account or by using a credit card.
-Mail a check (with remit slip from statement). If you don’t have your remit slip, put your Document ID in the memo field of the check. It may take a few business days for us to receive payments made via mail.
-Use an online billpay service through your bank. It may take a couple of business days for us to receive payments made through online billpay. Enter your Document ID (not your account number) when you set up the account Pay To information.
-Call our toll free Customer Service line (844-803-0736) to make an automated payment by phone 24/7; or pay through a Customer Service Representative (Monday, Wednesday, Thursday, and Friday from 8AM to 6PM ET and Tuesday from 8AM to 7PM ET).

What is the difference between my Document ID and my Account Number?

Your Document ID, which is found in the top right corner of your statement, links any actions (e.g. payments) to all of the loans related to you; whereas, the Account Number is specific to a single loan. Unless you are trying to take an action on a specific loan, we recommend that you use your Document ID.

My cosigner and I have received identical statements. Are we supposed to pay both of them or just one?

You just need to pay one.
We send the same monthly statement to both the borrower and the cosigner to make sure that all liable parties are kept up to date about the status of the loan. Only one payment is required; the borrower and the cosigner will need to coordinate the payment process. While this may cause some confusion on the first statement, we think it’s important that both parties clearly understand the loan status each month.

How do I set up e-delivery for statements? How do I stop getting paper statements?

How do I set up Recurring Payments (aka automatic debit or auto-pay) from my bank account for my loan payment(s) to get the 0.25 interest rate discount?

Setting up Recurring Payments (aka automatic debit or auto-pay) from your bank account can be done on our Customer Service site.
Step 1: Establish an online account, if you do not have one already
Step 2: Go to the Payments dropdown at the top of the page and select “Bank Accounts”
Step 3: Click the “Create New Bank Account” button and fill out the required information. You’ll need to fill out your routing and account number, which you can find on your checks. Click the “Create Bank Account” button when you have completed the form.
Step 4: Go to the Payments dropdown at the top of the page and select “Recurring Payments”
Step 5: Click the “Create New Recurring Payment” button and you will be able to set up your payment frequency, amount, and any limits you want.
Note: If you have more than one loan, each loan must be individually enrolled in Recurring Payments.

What are the benefits to setting up Recurring Payments (aka automatic debit or auto-pay) for my loan payment(s)?

If you set up automatic payments through UAS, our servicing partner, you will receive a 0.25% interest rate reduction that is effective from the day that you establish the recurring payment.

How do I know if my 0.25% rate reduction for setting up automatic deductions has been processed?

The interest rate on your statement displays the active rate on the loan. You can compare the interest rate on the first statement you received after setting up Recurring Payments to the previous one to confirm the rate reduction.

Is there a penalty for paying more than the amount due?

There is no penalty for paying more than the amount due.

When do you apply payments to my account?

All payments received prior to 6 PM ET are effective that day, payments received after 6 PM ET are effective the next day.

Do you have a prepayment penalty?

No, we encourage our customers to minimize the total cost of their loan by making extra payments.

How do payments get applied to my account?

We’re required to apply all payments to your loan in the following order:
1: reduce any unpaid fees and charges
2: reduce any accrued interest
3: reduce the principal balance
Once the fees, charges, and interest have been satisfied, the remaining amount applies to your principal balance.
Let’s look at an example:
Jane makes a $100 payment to her student loan. Jane has a $5 late fee from last month and $30 in accrued interest on her account, so the first $35 will cover the fee and the interest charges. The remaining $65 will be applied to the principal.

Can I make a payment that is applied to principal only?

Not directly. We’re required to follow the payment application order described above to cover fees and interest first, but in most cases, any excess payment or overpayment amount will reduce principal. All payments are applied to the loan when received.

What happens if I pay more than my required amount due?

Your full payment is immediately applied to your account, and you may also get credit for satisfying future required payments. We call that being “Paid Ahead”. If you’re Paid Ahead, no payments will be required for the month(s) that have already been covered. However, interest will continue to accrue on your account, you will still get a statement showing your balances and that no payment is required, and you may make additional payments at any time. Paying ahead reduces your principal balance ahead of schedule (and thus reduces how much interest you pay overall on your loan), and gives you flexibility on your payment schedule. Continuing to make payments while being Paid Ahead will further reduce the overall cost of your loan.
Let’s look at an example.
Jane’s minimum required monthly payment is usually $50 and it’s due on the 15th of each month. She’s made all of her payments on time, so she has no fees to worry about.
In March, Jane has extra money that she got for her birthday, so she pays $100 on March 15th.
That means Jane covered her March payment of $50, and she’s now Paid Ahead for April. In other words, she’s already covered the minimum due for April with the extra $50 she paid in March. Her next statement will show that she’s not required to make a payment on April 15 because she’s Paid Ahead.
Note: If you have set up Recurring Payments and want to continue to have payments withdrawn even if you’re in a “Paid Ahead” status, set your payments to a fixed amount rather than to pay the Monthly Amount Due.

If I have multiple loans, how are my payments allocated or split across the loans?

If you pay online or set up recurring payments through our customer service site, you can direct your payment to be allocated across your loans in any manner that you choose.
If you pay by paper check or through a bill payer service and you want to spread your payment across all of your loans, you must include your Document ID from the top of any statement. Using a Document ID means that the payment will be spread across all your loans in this way:
- Any payment amount above the Total Amount Due will be split proportionally among your loans based on outstanding balances. For example, if Jane has Loan A with an outstanding balance of $50K and Loan B with an outstanding balance of $10K, we would direct $50 to Loan A and $10 to Loan B.
- Payments less than or equal to the Total Amount Due will be first allocated based on Past Due Amounts of all loans, if applicable, and then any remaining amount would be split based on Monthly Amount Due plus Unpaid Fees for each loan. The oldest Past Due Amounts are covered first, and where loans are at the same stage of Past Due, the higher interest rate loan is paid first.
Note: If the payment contains a specific loan account number (instead of the Document ID), the payment will be fully allocated to that account regardless of the number or status of your other accounts.

How do I know if my payments are being allocated across multiple loans the way I intended?

We recommend that you check your statements periodically to make sure everything is allocated correctly. If you need help, give UAS a call at 844-803-0736. They’re available Monday, Wednesday, Thursday, and Friday from 8AM to 6PM ET and Tuesday from 8AM to 7PM ET.

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College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

Information advertised valid as of 12/01/2018. Variable interest rates may increase after consummation.

WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE (IN WHOLE OR IN PART) THIS LOAN PROGRAM AND ITS ASSOCIATED SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK WWW.COLLEGEAVESTUDENTLOANS.COM FOR THE MOST UP-TO-DATE INFORMATION.